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Income Tax : Tax Audit Form 26 now requires reporting of both quantity and value of principal stock, purchases, and sales. The key takeaway is ...
Income Tax : This article examines whether educational institutions with receipts up to Rs. 5 crore must obtain RNPO registration to claim exem...
Income Tax : This article explains why ELSS redemption gains are taxable despite offering tax deductions at the time of investment. It highligh...
Income Tax : Learn how the increased Rs. 1.25 lakh exemption and 12.5% LTCG tax rate apply to listed shares and equity mutual funds. The guide ...
Income Tax : The Income Tax Department explains how the e-Verification Scheme addresses mismatches between reported financial transactions and ...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : ITAT Delhi held that cash deposits arising from recorded and accepted cash sales cannot be added as unexplained cash credits under...
Income Tax : ITAT Mumbai held that Compulsorily Convertible Debentures cannot be equated with call options and that no option premium arose fro...
Income Tax : ITAT Bangalore held that RBI's classification of compulsorily convertible debentures as equity for FDI purposes cannot determine t...
Income Tax : ITAT Delhi held that no disallowance under Rule 8D(2)(ii) could be made where investments yielding exempt income were financed fro...
Income Tax : ITAT Mumbai held that Compulsorily Convertible Debentures retain their character as debt until conversion into equity. It deleted ...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
ITAT Pune held that non-compliance with communication under Section 143(1)(A) of Income Tax Act 1961 due to IT-Website technical glitches was unintentional and beyond the control of appellant. Accordingly, exemption in the evince of Form No 10B duly available.
ITAT Chandigarh held that AO not empowered to disturb the assessment order/ reassessment order which has attained finality, unless contrary material gathered in the course of proceedings u/s 153A of the Income Tax Act.
ITAT Delhi held that provisions of section 292C of the Income Tax Act is only a deeming provision and the deeming provision cannot be applied mechanically, ignoring the facts of the case and surrounding circumstances.
Kusum Mehta Vs PCIT (ITAT Cuttack) Admittedly, the facts remain that on the death of an individual, Government draws information in respect of death from the cremation spot or on the basis of doctor’s death certificate. The State Government then issues the death certificate within 7 to 14 days. It is after this that the […]
Delhi High Court held that Corporate Social Responsibility [CSR] expenses incurred by assessee are allowable as deduction under section 37(1) of Income Tax Act.
ITAT Delhi held that as the statutory notice was not served to the correct address, penalty under section 271(1)(b) of the Income Tax Act cannot be levied alleging the non-compliance of the statutory notices.
Lions Nab Community Eyecare Centre Vs DCIT (ITAT Pune) Appellant filed the return of income in Form No.5. However, no documents were filed along with the return of income justifying the claim for exemption u/s 11 of the Act. It is only after receipt of intimation, the appellant took a plea that its income was […]
Shree Siddhi Foods Vs ACIT (Gujarat High Court) In this case request of adjournment for seven days was not acceded to by explicit order. Thereafter, when the order was passed under Section 148A(d) on 31.3.2022, he was oblivious of the reply which was tendered by the petitioner-assessee. This practice of not responding to the request […]
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